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Morning Commentary: Brocade Communications down with lower shares after earnings; Microchip in line
By Rebecca Melvin
New York, Feb. 20 – Brocade Communications Systems Inc. shed some weight early Friday after the San Jose, Calif.-based storage area networking company reported earnings that sent its shares lower by 5%.
The Brocade 1.375% convertibles due 2020, which priced last month, traded down 1.857 points to 104.92, according to Trace data. Shares fell 5% to $11.97.
The selling came despite earnings that beat estimates.
Microchip Technology Inc.’s 1.625% convertibles due 2025, of which $1.5 billion priced earlier this month, traded at 104, which was off about 0.15 point, according to Trace data. Shares of the Chandler, Ariz., chip maker were off a couple of cents.
Shares of Health Care REIT Inc. were up 2% after the Toledo, Ohio-based real estate investment trust posted earnings. Health Care REIT’s 3% convertibles were last seen at around 150.
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